Kuwait earns $23 billion in fiscal 2003-2004

Kuwait earned $23.49 billion in fiscal 2003-2004 – the highest in three decades, according to a report released by the National Bank of Kuwait.

Kuwait earned $23.49 billion in fiscal 2003-2004 – the highest in three decades, according to a report released by the National Bank of Kuwait.

Citing preliminary figures from Kuwait’s Ministry of Finance, NBK said that an 18 per cent increase in oil production for the fiscal year ended on March 31 and a 5 per cent increase in global oil market prices handed Kuwait $20.84 billion in oil income, which represents 89 per cent of the nation’s total revenue.

The abundant earnings will probably increase Kuwait’s budget surplus, NBK said noting that the 2002-2003 surplus came to $4.37 billion before an allocation of 10 per cent of revenues to a future generations fund. (menareport.com)